EURUSD bearish below 1.09

XM Investment Research Team XM

EUR/USD regained the 1.06 handle today after a more than 1 percent drop on Thursday. The bias remains to the downside. Immediate support lies at 1.0600 and below this 1.0500 is another key support level.

To the upside the 1.0700 level is a barrier. Above this 1.0850 is another resistance level. The 50-day moving average provided resistance on Thursday at 1.0873.

Looking at the bigger picture, the structure is bearish and the market is below the moving averages. There was a bearish cross of the 50-day with the 200-day moving average in October.

Looking at momentum, RSI is below 50, which also highlights bearishness. MACD is also bearish as it lies below zero.

Only a move above 1.0900 would shift the bearish bias.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1071
2. R2 1.0972
3. R1 1.0794
PP 1.0696
1. S1 1.0517
2. S2 1.0419
3. S3 1.0241

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XM Investment Research Team

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